Bitcoin Whales Bought $1.2B BTC Amid the Price Dip, Fueling the Quick Rebound

The action perhaps helped bitcoin's rebound to $65,000, marking the $60,000 level as a key support level for bitcoin's price where buyers step in.investors substantially increased their holdings as prices dipped below $60,000 in early Friday's panicky action on the crypto markets ahead of the asset's much-anticipated halving event.

Blockchain analytics firm IntoTheBlock's"large holder netflow" metric shows that Bitcoin addresses holding at least 0.1% of the supply added 19,760 BTC worth over $1.2 billion to their holdings on Friday at an average price of $62,500.in crypto slang – are major market players who control large amounts of a digital asset and are usually considered to be smart, well-informed investors.

Prices bounced from around the $60,000 area after sell-offs for the third time in a week, carving out a significant support level where buyers step in to capitalize on lower prices. "While sellers on the margin appear to be derisking, there has also been opportunistic buying between $60,000-62,000 levels," Coinbase Institutional research analyst David Han said in a Friday report."We think this directional uncertainty speaks to our thesis of bitcoin’s divergent roles both as a risk and a safe haven asset," he added.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.

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